Teton Petroleum Achieves Record Annual Production, Reports Year-End 2003 Operations Update
February 24 2004 - 8:01AM
PR Newswire (US)
Teton Petroleum Achieves Record Annual Production, Reports Year-End
2003 Operations Update DENVER, Feb. 24 /PRNewswire-FirstCall/ --
Teton Petroleum ("Teton") , an independent oil and gas exploration
and production company with its principal operations in Russia,
today provided a year-end update of its production operations.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030611/TETONLOGO ) The
Company's operational achievements for 2003 included: -- Production
from Goloil, Teton's partly-owned Russian affiliate, was 2,540,458
barrels of oil (635,114 barrels net to Teton), a 39% increase from
2002. -- In December 2003, Goloil's average daily production was
7,165 barrels of oil per day (1,791 barrels net to Teton) compared
to 6,527 barrels of oil per day (1,631 barrels net to Teton) in
January 2003. -- Seven new development wells were drilled on the
Goloil property. -- At year-end, 16 wells were producing from the 3
fields on the Goloil License,with an additional 4 wells which will
become operational pending expansion of the gathering system
scheduled for completion by April 2004. A 5th well is awaiting
completion. -- Teton's co-generation plant, built in 2003, will
provide heat and electricity for field operations and is expected
to reduce electrical generation costs by about $325,000 per year
beginning in the 2nd quarter of 2004. Igor Effimoff, Teton's Chief
Operating Officer, stated, "Development of the Goloil License is
proceeding in line with our long term plan and the fields are
delivering as projected. Because of the low geologic risk and
quality well control in our license area, we continue to enjoy a
100% success rate in our development drilling. The outstanding well
productivity on our license indicates that we have reservoir
quality, especially in the Cretaceous BV-8, which is superior to
that generally encountered in this area." H. Howard Cooper, Teton's
Chairman and Founder, commented: "Our operating success in 2003 was
complemented by strengthening our financial base and streamlining
our corporate structure. Following a listing on the American Stock
Exchange in May, Teton raised almost $10 million in new equity,
positioning us tomove aggressively towards our goal of becoming a
large independent oil producer in Russia. Additionally, we
strengthened our management team and board of directors. As a
result, Teton entered 2004 with the strongest position in its
history, poised for rapid growth in years ahead." About Teton
Petroleum Company: Denver-based Teton is the only publicly traded
U.S. oil and gas exploration and production company with all of its
producing assets in Russia. Since 1997, Teton has been developing
three oil fields in Western Siberia through its partly-owned
Russian affiliate, Goloil. The Goloil License covers 70 square
miles ten miles north of Samotlor, the seventh largest oil field in
the world and the largest oil field in Russia. This Press Release
may contain certain forward-looking statements, including
declarations regarding Teton and its subsidiary's expectations,
intentions, strategies and beliefs regarding the future. All
statements contained herein are based upon information available to
Teton's management as at the date hereof and actual results may
vary based upon future events, both within and without the control
of the Teton's management. The United States Securities and
Exchange Commission ("SEC") permits oil and gas companies, in their
filings with the SEC, to disclose only proved reserves that a
company has demonstrated by actual production or conclusive
formation tests to be economically and legally producible under
existing economic and operating conditions. We disclose information
concerning "probable reserves" and "possible reserves" in this
press release. The SEC guidelines would strictly prohibit us from
including this information in filings with the SEC. Investors are
urged to consider closely the disclosure in our Form 10-KSB filed
with the SEC on March 31, 2003, copies of which are available from
us upon written request addressed to Teton Petroleum Company, 1600
Broadway, Suite 2400, Denver, CO 80202-4921. This form can also be
obtained from our website http://www.tetonpetroleum.com/ or the
SEC's web site at http://www.sec.gov/.
http://www.newscom.com/cgi-bin/prnh/20030611/TETONLOGO
http://photoarchive.ap.org/ DATASOURCE: Teton Petroleum Company
CONTACT: Gillian D. Kane, Investor Relations, Teton Petroleum
Company, +1-970-870-1417, Web site: http://www.tetonpetroleum.com/
Copyright
Teton (AMEX:TPE)
Historical Stock Chart
From Jun 2024 to Jul 2024
Teton (AMEX:TPE)
Historical Stock Chart
From Jul 2023 to Jul 2024